Sales of new homes collapsed in May by 33%--shocking analysts

oreo

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Sep 15, 2008
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WASHINGTON—Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits.

The bleak report from the Commerce Department is the first sign of how the end of federal tax credits could weigh on the nation's housing market.

The credits expired April 30. That's when a new-home buyer would have had to sign a contract to qualify.

"We fear that the appetite to buy a home has disappeared alongside the tax credit," Paul Dales, U.S. economist with Capital Economics," wrote in a note. "After all, unemployment remains high, job security is low and credit conditions are tight."

New-home sales in May fell from April to a seasonally adjusted annual sales pace of 300,000, the government said Wednesday. That was the slowest sales pace on records dating back to 1963. And it's the largest monthly drop on record. Sales have now sunk 78 percent from their peak in July 2005.

Analysts were startled by the depth of the sales drop.

New-home sales plunge 33 pct with tax credits gone - The Denver Post


As we see again--once those taxpayer hand-outs for cars and now homes stop--sales plummett.

Obama's flood the basement economic policies are a miserable failure. The ONLY thing this President has done is gotten us into a 13 TRILLION dollar deficit--with is arrogant attitude that he can micro-manage this diverse economy.

$9-trillion-deficit.jpg


Now up to 13 TRILLION.

How's all that hopey and changey working for ya?
 
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i can't believe anyone is surprised...i predicted this would happan last year and i'm sure others did as well
 
i can't believe anyone is surprised...i predicted this would happan last year and i'm sure others did as well

The cash for clunkers told us that. This economic moron that we refer to as our President--just doesn't get it.

He threw around 787 BILLION tax dollars--(borrowed from China) to try and micro-manage certain industries by throwing hard earned tax dollars at it.

One would think that to quality to be POTUS--one maybe should take economics 101 first--:lol::lol:
 
Only indicates that a double-dip 'great' recession is around the next corner. The levels of new home sales, with this latest stat on the same level as 1960, occurred when the population was fairly less than it is today.
Any analysts shocked by this should quit and be like G. Gordon Liddy, and hawk precious metals.
If the past performance of history is an accurate indicator, only a World War will re-shuffle this deck of economic malaise, and if anyones' left to prosper, they eventually will.
I hope not concerning World War, but think the train has already left the station.
 
i can't believe anyone is surprised...i predicted this would happan last year and i'm sure others did as well

The cash for clunkers told us that. This economic moron that we refer to as our President--just doesn't get it.

He threw around 787 BILLION tax dollars--(borrowed from China) to try and micro-manage certain industries by throwing hard earned tax dollars at it.

One would think that to quality to be POTUS--one maybe should take economics 101 first--:lol::lol:

Then the tax deduction for your mortgage interest should be ended, right? It's moronic micro-management, correct?
 
Only indicates that a double-dip 'great' recession is around the next corner. The levels of new home sales, with this latest stat on the same level as 1960, occurred when the population was fairly less than it is today.
Any analysts shocked by this should quit and be like G. Gordon Liddy, and hawk precious metals.
If the past performance of history is an accurate indicator, only a World War will re-shuffle this deck of economic malaise, and if anyones' left to prosper, they eventually will.
I hope not concerning World War, but think the train has already left the station.


Now you know darn good and well that liberals--will jump on that and tell you that it wasn't WW2 that got us out of the Great Depression--it was FDR. I agree with you. After reading the "forgotten man" about the Great Depression--the conclusion is that the more Hoover and Roosevelt threw money at the problem--the longer and deeper it extended the Great Depression.

I think what needs to be done now--is to bite the bullet --and dramatically CUT the size of the Federal Government--which will cut spending. Once this happens confidence will bounce back in the private sector and we will actually see the private sector start to create private sector jobs without government subsidies.
 
Only indicates that a double-dip 'great' recession is around the next corner. The levels of new home sales, with this latest stat on the same level as 1960, occurred when the population was fairly less than it is today.
Any analysts shocked by this should quit and be like G. Gordon Liddy, and hawk precious metals.
If the past performance of history is an accurate indicator, only a World War will re-shuffle this deck of economic malaise, and if anyones' left to prosper, they eventually will.
I hope not concerning World War, but think the train has already left the station.


Now you know darn good and well that liberals--will jump on that and tell you that it wasn't WW2 that got us out of the Great Depression--it was FDR. I agree with you. After reading the "forgotten man" about the Great Depression--the conclusion is that the more Hoover and Roosevelt threw money at the problem--the longer and deeper it extended the Great Depression.

I think what needs to be done now--is to bite the bullet --and dramatically CUT the size of the Federal Government--which will cut spending. Once this happens confidence will bounce back in the private sector and we will actually see the private sector start to create private sector jobs without government subsidies.

World War II got us out of recession because of massive government spending of borrowed money.
 
i can't believe anyone is surprised...i predicted this would happan last year and i'm sure others did as well

The cash for clunkers told us that. This economic moron that we refer to as our President--just doesn't get it.

He threw around 787 BILLION tax dollars--(borrowed from China) to try and micro-manage certain industries by throwing hard earned tax dollars at it.

One would think that to quality to be POTUS--one maybe should take economics 101 first--:lol::lol:

Then the tax deduction for your mortgage interest should be ended, right? It's moronic micro-management, correct?


Another one of your moron Presidents already tried that one---:lol::lol: Name Jimmy Carter--:lol::lol:

You see once you take more money out of Americans pockets that they can spend on goods and services--suprisingly enough--even for you less than economic geniuse's--unemployment RISES.
 
The cash for clunkers told us that. This economic moron that we refer to as our President--just doesn't get it.

He threw around 787 BILLION tax dollars--(borrowed from China) to try and micro-manage certain industries by throwing hard earned tax dollars at it.

One would think that to quality to be POTUS--one maybe should take economics 101 first--:lol::lol:

Then the tax deduction for your mortgage interest should be ended, right? It's moronic micro-management, correct?


Another one of your moron Presidents already tried that one---:lol::lol: Name Jimmy Carter--:lol::lol:

You see once you take more money out of Americans pockets that they can spend on goods and services--suprisingly enough--even for you less than economic geniuse's--unemployment RISES.

You sound incredibly stupid. You called the tax credit for a homebuyer moronic micromanagement but you think the tax deduction for interest paid by a a homebuyer to be a good thing.

That is profoundly retarded.
 
i can't believe anyone is surprised...i predicted this would happan last year and i'm sure others did as well

The cash for clunkers told us that. This economic moron that we refer to as our President--just doesn't get it.

He threw around 787 BILLION tax dollars--(borrowed from China) to try and micro-manage certain industries by throwing hard earned tax dollars at it.

One would think that to quality to be POTUS--one maybe should take economics 101 first--:lol::lol:

Then the tax deduction for your mortgage interest should be ended, right? It's moronic micro-management, correct?
Absolutely.

But the income tax should be ended too, so it only follows.
 
Then the tax deduction for your mortgage interest should be ended, right? It's moronic micro-management, correct?


Another one of your moron Presidents already tried that one---:lol::lol: Name Jimmy Carter--:lol::lol:

You see once you take more money out of Americans pockets that they can spend on goods and services--suprisingly enough--even for you less than economic geniuse's--unemployment RISES.

You sound incredibly stupid. You called the tax credit for a homebuyer moronic micromanagement but you think the tax deduction for interest paid by a a homebuyer to be a good thing.

That is profoundly retarded.


Mortgage interest deductions--actually DO encourage those that are renting to buy a home--thereby--stimuluation of new home construction. This has been in place for decades.

Currently--the construction industry in this country is at 30% unemployment--greater than the Great Depression--meaning that there is no new home construction going on. Spec homes built by builders are now a thing of the past--only pre-sold homes will be built.

Now we do have experience with what Jimmy Carter did--actually by reducing the amount of what one could deduct from their morgage interest--resulting in a huge tax hike to Americans during another very bad recession.

This is much different than paying someone an "additional" 6k one time tax credit and it could not be more than evident.
 
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Only indicates that a double-dip 'great' recession is around the next corner. The levels of new home sales, with this latest stat on the same level as 1960, occurred when the population was fairly less than it is today.
Any analysts shocked by this should quit and be like G. Gordon Liddy, and hawk precious metals.
If the past performance of history is an accurate indicator, only a World War will re-shuffle this deck of economic malaise, and if anyones' left to prosper, they eventually will.
I hope not concerning World War, but think the train has already left the station.


Now you know darn good and well that liberals--will jump on that and tell you that it wasn't WW2 that got us out of the Great Depression--it was FDR. I agree with you. After reading the "forgotten man" about the Great Depression--the conclusion is that the more Hoover and Roosevelt threw money at the problem--the longer and deeper it extended the Great Depression.

I think what needs to be done now--is to bite the bullet --and dramatically CUT the size of the Federal Government--which will cut spending. Once this happens confidence will bounce back in the private sector and we will actually see the private sector start to create private sector jobs without government subsidies.

World War II got us out of recession because of massive government spending of borrowed money.

At least then, it wasn't in the name of the real short term super temporary stimulus patches that we see today, which will fail. Then, it was in the name of our national survival, when enough real patriots were in the majority, whom defined the term, 'The Greatest Generation'. Also, another big difference was, WE COULD STILL MEGA-BORROW.
Can't do that now, thanks to our greedy financial firm captains and bought political brethern, which beget the current mega-debt.
We should try the latter for treason, while we still have the opportunity, because they have jeopardized our national security!
Black copters are already beginning to hover 'round my 'puter, so that's the little, maggott infested opinion of a nobody, on this matter.
 
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Another one of your moron Presidents already tried that one---:lol::lol: Name Jimmy Carter--:lol::lol:

You see once you take more money out of Americans pockets that they can spend on goods and services--suprisingly enough--even for you less than economic geniuse's--unemployment RISES.

You sound incredibly stupid. You called the tax credit for a homebuyer moronic micromanagement but you think the tax deduction for interest paid by a a homebuyer to be a good thing.

That is profoundly retarded.


Mortgage interest deductions--actually DO encourage those that are renting to buy a home--thereby--stimuluation of new home construction. This has been in place for decades.

Currently--the construction industry in this country is at 30% unemployment--greater than the Great Depression--meaning that there is no new home construction going on. Spec homes built by builders are now a thing of the past--only pre-sold homes will be built.

Now we do have experience with what Jimmy Carter did--actually by reducing the amount of what one could deduct from their morgage interest--resulting in a huge tax hike to Americans during another very bad recession.

This is much different that paying someone an "additional" 6k one time tax credit and it could not be more than evident.

The construction industry is running at 70% employment.

Not so bad considering they had overbuilt so much.
 
B.O. doesn't know shit!!!!!
He is an empty suit an inexperienced fool!!!!
Can't run a country but he can read a teleprompter!!!!
now it the time for hope and change!!!!
hope this boob goes away and we get a change!!!
 

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